Bank transfers can be canceled, so why can't crypto transfers?
Here's how I understand it: the inability to reverse transactions is one of the costs of decentralization. There's no central authority that can alter the ledger, and no one who can reverse a transaction for you.
Once an on-chain transfer has been included in a block and has enough confirmations, no institution can unilaterally reverse it. Wallet providers and node operators can't do it either.
What I do: Before sending funds to a new address for the first time, I send a small test amount. Once I confirm the recipient has received it, I send the rest. It's worth paying an extra transaction fee for peace of mind.
Related coin: $BTC quoted at 81723.16 (24h -0.64%).
Here's how I understand it: the inability to reverse transactions is one of the costs of decentralization. There's no central authority that can alter the ledger, and no one who can reverse a transaction for you.
Once an on-chain transfer has been included in a block and has enough confirmations, no institution can unilaterally reverse it. Wallet providers and node operators can't do it either.
What I do: Before sending funds to a new address for the first time, I send a small test amount. Once I confirm the recipient has received it, I send the rest. It's worth paying an extra transaction fee for peace of mind.
Related coin: $BTC quoted at 81723.16 (24h -0.64%).